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Receiver appointed to Athlone Towncentre as centre moves to new phase

Monday, 9th December, 2013 5:54pm
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Receiver appointed to Athlone Towncentre as centre moves to new phase
Receiver appointed to Athlone Towncentre as centre moves to new phase

The owners of Athlone Towncentre Shopping Centre have today (Tuesday) agreed to the consensual appointment of Stephen Tennant and Paul McCann of Grant Thornton as Joint Receivers.

The properties included within the receivership appointment are the shopping Centre and associated car parking, 150 apartments and 35,000 square feet of office space. 
The appointment of Joint Receivers will have no impact on the trading of the shopping centre and will not affect the individual retailers, the company said. Day to day trading will continue as normal and it is business as usual.
It’s understood the consensual appointment of a receiver comes following a funding arrangement with banking partners after the expected sale of the centre fell through, due to the worsening economic climate in 2007.
This deal with banking partners allowed the developers, Gallico Developments Ltd, to complete the construction of the centre, discharge their liabilities and ensure the centre was allowed to grow and develop over its initial years.

A spokesperson for owners Gallico Developments said that numerous expressions of interest have been received from parties interested in acquiring what is considered to be a prime retail investment. “The time has come for the centre to move to the next stage of its life.”

“The shopping centre is and will remain one of the finest and most successful retail facilities in the region and will continue to be so for many years to come. The residential element of the Towncentre has enjoyed a similar level of success with all 150 apartments rented," the spokesperson continued.

“The owners have taken the centre through the most difficult period ever in the history of retailing in Ireland. It is home to many of the top Irish, UK and European brands and has established itself as the regional shopping destination for the greater Midlands region. There are over 600 people employed in over 60 shops and this move will have no impact whatsoever on employment,” they stressed.

 

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